GXS Savings Account Review: Interest Rates and Features

The GXS Savings Account¹ is a flexible interest-bearing account from local digital bank GXS. GXS offers ways for customers to save with full access to their funds, or to lock away money as a time deposit, to get a higher interest rate. This GXS savings account review covers the GXS interest rate on different savings types and why you might want to open an account.

You can also learn more about the Wise card, an easy way to stretch your dollars when paying in foreign currencies.

What is the GXS Savings Account?

GXS is a fully licensed Singapore-based digital bank operated through a partnership of Grab and Singtel. The GXS Savings Account is their savings product, which works alongside your main account and GXS debit card, allowing users to save at the same time as spending conveniently on day-to-day items.

GXS Savings Account features include:

• Earn interest at 3 different rates depending on the way you manage your account
• Easy access and term deposit options
• Instant daily interest credited directly to your account
• No GXS minimum balance amount for main account, but a maximum for all customers of up to 95,000 SGD²
• Promotions and tie-ins with Grab, Singtel and other local providers to offer great extras

Want to compare some Singapore digital banks? Get this review of GXS vs Trust to learn more.

Requirements for opening a GXS account

Here are the requirements for opening a GXS account³:

• You must be 16 years old or older
• You must live legally in Singapore
• You must have a Singpass Myinfo account.
• You can not already hold aGXS Biz Account and/or GXS FlexiLoan Biz

It’s important to note that applications aren’t supported for US citizens, even if they’re legal residents of Singapore.

To meet the legal residency requirement with GSX you’ll need to be a Singapore citizen, Singapore Permanent Resident, or have a valid long-term visa like an Employment Pass (EP).

How to open a GXS account

Here’s how to open a GXS account in a few simple steps:

1. Download the GXS Bank app from the Apple Store or the Google Play Store.
2. Open the app, and tap on GXS Savings Account “Sign up now.”
3. Follow the prompts to sign up using your personal information, which can be added through Singpass.

You may be prompted while applying to upload images of some documents to support your application. If this happens, there will be instructions on your screen, asking you to take a clear photo of some paperwork and upload it for verification. This is a security step and allows GXS to keep your account safe.

Ready to get started? Read our full GXS review, so you know what to expect with your new account.

What are the GXS interest rates?

The GXS interest rates which apply depend on how you use your account. There’s one rate for your core day-to-day account, which comes with your GXS card. You can then move money from this to a Savings Pocket, which is an easy-access vehicle for saving, offering a higher interest rate. Or you can switch your funds into a Boost Pocket, which is a time deposit option that has higher interest again but which does mean you must leave your money for a fixed period of 1, 3, 8 or 12 months.

Here are the current GXS interest rates (18th November 2025) for different GXS savings types:

• Main account: 1.08% p.a.
• Saving Pockets: Open up to 8 pockets to earn 1.18% p.a.
• Boost Pockets: Open up to 3 pockets to earn 1.38% p.a. (if you withdraw upon maturity)

With GXS, interest is credited daily, which means you can track your earnings easily. Bear in mind that if you withdraw your funds from a Boost Pocket before the term has ended, you will forfeit some interest. There’s also a maximum cap on the amount you can hold across all account types, which varies by customer but will be no more than 95,000 SGD.

Review of the GXS Savings Account: Pros and cons

To help you decide if the GXS Savings Account is right for you, let's look at some important pros and cons:

How can I withdraw funds from my GXS Savings Account?

There’s no option to make a local or overseas transfer from your GXS Savings Account to a third party. Your only option is to transfer your balance to your Main Account with GXS and transfer from there.

From your Main Account, you can use your balance to spend with your GXS debit card or to send to another Singapore-based account.

Can I use my GXS Savings Account to make an overseas transfer?

No. You can’t send money directly from GXS to an account in a foreign currency.

From your GXS Savings Account, you can send funds via:

• FAST
• PayNow
• Intrabank
• e-GIRO

These options are all offered for local SGD payments only.

Is GXS Bank safe?

One very important question before you hand over any money: is GXS bank safe?

The good news is that GXS is a licensed digital bank regulated by the MAS, and your money is therefore protected by the Singapore Deposit Insurance Corporation (SDIC) up to 100,000 SGD in value.

Transaction limits, fees and charges

There are no service fees or charges with your GXS Savings Account⁵.

There’s a minimum deposit limit of 100 SGD for each Boost Pocket you open, to a maximum of 85,000 SGD combined across up to 3 pockets.

The other key transaction limit to remember is that your account will have a maximum balance which will be no more than 95,000 SGD, and which may be under this amount. Check your own limits in the GXS app.

Looking beyond SGD? Use Wise for international money management

The GXS Savings Account is designed for saving and spending in SGD, but it doesn’t support holding foreign currencies or sending money overseas. If you regularly deal with international payments, you may want an additional option.

The Wise account is an easy way to hold and exchange 40+ currencies, including SGD, MYR, EUR, CNY, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.26% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 350 SGD when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in SGD and a selection of other major global currencies.

What's more, you can activate Wise Interest to earn returns* on your eligible balances while keeping your money available to spend.

*Growth is not guaranteed. Capital at risk.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

🚀 Get Started with Wise

Frequently asked questions (FAQ)

Do I need to make a minimum deposit to open a GXS Savings Account?

No. There’s no minimum deposit amount for GXS savings accounts. You will need at least 100 SGD to open a Boost Pocket, but the main savings account product has no minimum limit.

Sources used:

1. GXS Savings Account
2. GXS FAQ - maximum balance
3. GXS FAQ - how to open an account
4. GXS FAQ - funds transfer methods
5. GXS FAQ - fees